Freo launches Freo Save in partnership with Equitas Small Finance Bank

By Leandra Monteiro

Freo, one of India’s leading consumer neobanks, launched its digital savings account Freo Save, in partnership with Equitas Small Finance Bank.

Freo Save offers quick access to credit & shopping, and through its partnership with Equitas Small Finance Bank provides up to 7%* interest on customers’ savings for balances above INR 5 Lakhs up to INR 2 Crores, all within an easy-to-use app. To underscore accessibility, it will be available in multiple Indian languages including English, Hindi, Tamil, & more.

Freo’s digital savings account has been integrated with Equitas’ infrastructure on the Freo Save App and has seamless UPI integration, making it a 100% digital experience. Freo Save also offers the flexibility of a zero-balance account and enables customers to transfer funds and make payments 24×7 with ease and convenience, via UPI, NEFT, RTGS and all other digital ways to transfer funds, as allowed by the RBI.

It also offers its customers easy access to great shopping and credit products. Simply by using Freo Save, customers will be able to unlock access to Freo Pay, a QR scanner-enabled pay later product that offers the convenience of easy 1-click payments for daily needs. Customers will also be able to unlock access to MoneyTap, a personal credit line app, which offers them credit starting from INR 10,000 at 0% interest up to INR 5 lakhs, with interest only charged on what they use.

Through the app, customers can also avail of a debit card (virtual and physical) that can be completely managed on the app. All-in-all, with Freo Save, customers can expect a world-class banking experience within the palm of their hand.

Anuj Kacker, Co-Founder, Freo stated, “The launch of Freo Save in partnership with Equitas Small Finance Bank is an integral step in our vision towards providing end-to-end financial products to the country’s millennials, digitally and on the app. At Freo, our aim is to empower individuals at various stages in their life to achieve their financial goals, and with the launch of Freo Save, we have now become a full-stack neobank that will allow consumers to save, spend, and borrow with Freo’s help, all at the tap of a button. I am confident that with Equitas’s rigorous banking processes and our best-in-class digital solutions, we will be able to offer users a seamless digital banking experience, enabling them to do more and dream bigger.”

Murali Vaidyanathan, Senior President & Country Head – Branch Banking – Liabilities, Products & Wealth, Equitas Small Finance Bank said, “At Equitas, we believe in being customer-first and ensuring that consumers can avail of banking services that are simple, affordable and convenient. As we increasingly transition into a digital-first world, financial inclusion and independence become imperative. For us, convenience and the propositions provided for the customer are the key for every collaboration and I am sure this is such a partnership. Freo Save brings together our expertise in banking services and Freo’s strength in lending to offer consumers a world-class consumer-first digital banking experience. I am confident that Freo Save will find wide acceptance across our existing and potential customer base and provide a new way of banking to individuals.”